* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, August 8, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Themed Entertainment Design – Purdue Polytechnic

    Innovative Themed Entertainment Design: Creating Immersive Experiences

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    ‘Billie Jean’ – Hyde Park Herald

    The Enduring Magic Behind ‘Billie Jean’ Revealed

    Hank Hill returns to a changed world in new ‘King of the Hill’ episodes – New Haven Register

    Hank Hill Navigates a Bold New World in Thrilling New ‘King of the Hill’ Episodes

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Go-to entertainment: why gaming was made for the toilet – The Guardian

    Why Gaming Is the Ultimate Way to Pass Time in the Bathroom

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    MBU showcases student work at Occupational Therapy Technology Fair – WHSV

    Discover the Most Innovative Student Projects at the Occupational Therapy Technology Fair

    BlackSky Technology Inc. (BKSY) Reports Q2 Loss, Lags Revenue Estimates – Yahoo Finance

    BlackSky Technology Inc. Reports Q2 Loss, Misses Revenue Targets

    Improved Technology Access: A Key to Closing the Healthcare Gap for African Americans – BIOENGINEER.ORG

    LMI Expands Technology Org, Appoints New Leaders – GovCon Wire

    LMI Expands Technology Team with Dynamic New Leadership Appointments

    Midland Innovation and Technology Charter School closing down – CBS News

    Midland Innovation and Technology Charter School Closes Permanently

    Future Trends In HR Technology – Dataconomy

    Future Trends In HR Technology – Dataconomy

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Themed Entertainment Design – Purdue Polytechnic

    Innovative Themed Entertainment Design: Creating Immersive Experiences

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    ‘Billie Jean’ – Hyde Park Herald

    The Enduring Magic Behind ‘Billie Jean’ Revealed

    Hank Hill returns to a changed world in new ‘King of the Hill’ episodes – New Haven Register

    Hank Hill Navigates a Bold New World in Thrilling New ‘King of the Hill’ Episodes

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Go-to entertainment: why gaming was made for the toilet – The Guardian

    Why Gaming Is the Ultimate Way to Pass Time in the Bathroom

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    MBU showcases student work at Occupational Therapy Technology Fair – WHSV

    Discover the Most Innovative Student Projects at the Occupational Therapy Technology Fair

    BlackSky Technology Inc. (BKSY) Reports Q2 Loss, Lags Revenue Estimates – Yahoo Finance

    BlackSky Technology Inc. Reports Q2 Loss, Misses Revenue Targets

    Improved Technology Access: A Key to Closing the Healthcare Gap for African Americans – BIOENGINEER.ORG

    LMI Expands Technology Org, Appoints New Leaders – GovCon Wire

    LMI Expands Technology Team with Dynamic New Leadership Appointments

    Midland Innovation and Technology Charter School closing down – CBS News

    Midland Innovation and Technology Charter School Closes Permanently

    Future Trends In HR Technology – Dataconomy

    Future Trends In HR Technology – Dataconomy

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Watch live: Finance Minister Grant Robertson has announced a market study to investigate banking competition

June 20, 2023
in Business
Watch live: Finance Minister Grant Robertson has announced a market study to investigate banking competition
Share on FacebookShare on Twitter

The Commerce Commission is to look into competition in the banking sector for personal banking services, Finance Minister Grant Robertson has announced.

Finance Minister Grant Robertson said record-high profits had raised concerns the industry was not working well for New Zealanders.

“We need to ensure there’s a competitive market among banks providing personal loans, mortgages, credit cards and other banking services so that people have confidence they are getting the best deal possible when doing their banking.”

New Zealand banks performed better than international peers and even the Australian parents of the country’s four biggest banks, Robertson said.

“New Zealand’s banking sector is dominated by a small number of big players. Four major banks make up around 85 percent of the mortgage and other lending market, and hold a 90 percent share of total bank deposits. Loans by smaller lenders are growing but remain small in comparison.

“When we compare ourselves to other countries around the world we can see that the level of profit, on equity or return on equity, is higher than the average across the world. Now, the banks will say to you that there are specific reasons for that, we need to pull that apart.

“At a time when New Zealanders are struggling with their cost of living I think it is reasonable for people to say ‘are we getting a fair deal here when we see those level of profits’.”

The last sector report by business advisory firm KPMG showed collective sector profits of $7.18 billion for 2022 as banks profited from the demand for mortgages for the strong housing market, rising interest rates and margins, and low bad debts.

Finance Minister Grant Robertson speaks after releasing the half year economic and fiscal update (HYEFU) on 14 December 2022.

Finance Minister Grant Robertson said record-high profits had raised concerns the industry was not working well for New Zealanders.
Photo: RNZ / Samuel Rillstone

Commerce and Consumer Minister Duncan Webb said the inquiry was needed to understand the competition issues and possible future action.

It would look at barriers to entry or expanding in the market, introduction or lack of innovative products and services, and consumers’ ability to switch between banks, he said.

Robertson said it would not look at bank conduct, because that had already been looked at by the Financial Markets Authority, which had led to changes Robertson said had benefited consumers.

The final report was due in August 2024, but Webb said the commission would provide an issues paper in August, which “may uncover some discreet issues which the government could take steps to resolve ahead of the final report”.

Robertson said this would give people some indication of what would be needed ahead of the election.

“Clearly we want to do the job properly, so that means it will go into next year, so [it] gives people an interim marker post for the election.”

Webb said the government was also working separately on setting a consumer data rights regime needed to allow open banking, which would also improve competition in the sector.

The government would this week release draft legislation enabling that, he said.

“I think it’s probably one of the most significant gains we can make, not just for banking but across a number of industries, so that people can compare and switch easily. So we’re working as fast as we can on that.

“The banks have come out and said they’ll be ready – next year for the big four, [2026] for Kiwibank.”

Robertson said the announcement did not suggest banks were operating illegally, or that any particular bank was doing anything wrong.

“New Zealand’s banking system is sound and it does contribute to our financial stability. Rather, what we want to do here is identify any systemic sector-wide issues that may be impeding or discouraging competition.”

The Banking Association said the industry was ready to participate in the study.

“We believe the enquiry will ease any concerns in the community about competition and innovation in the banking industry. Our banks are transparent, and will engage constructively with the Commerce Commission,” Banking Association chief executive Roger Beaumont said.

The sector was already competitive with 16 retail banks operating in New Zealand and easy bank switching, he said.

“Our banks are highly regulated, well capitalised, and profitable. That helps makes them resilient, and with recent overseas bank failures we’ve seen why that’s important.”

KiwiSaver provider Simplicity’s chief executive Sam Stubbs has been vocal in accusing the Australian owned big four banks of making excessive profits and called for an inquiry.

The commission has previously carried out market studies on competition and profits in the fuel market , reported on the supply of key residential building products and looked at the country’s supermarkets, finding that competition among major retailers was not working well for New Zealanders.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/political/492320/watch-live-finance-minister-grant-robertson-has-announced-a-market-study-to-investigate-banking-competition

Tags: businessFinanceWatch
Previous Post

What kind of money personality do you have?

Next Post

Consumer confidence still in the doldrums despite slight lift

Icing‐related injuries in polar bears (Ursus maritimus) at high latitudes – Laidre – 2024 – Ecology – ESA Journals

Frozen Peril: The Devastating Impact of Icing Injuries on Polar Bears in the High Arctic

August 8, 2025
Carnegie Science Center launching new name in September – CBS News

Carnegie Science Center Unveils Exciting New Name This September

August 8, 2025
Petersburg youth explore Coho Creek for science education – Petersburg Pilot

Petersburg Youth Dive into Science with Hands-On Exploration of Coho Creek

August 8, 2025
Is there a path to healthier aging? What the latest research shows | Bodyworks – The Oklahoman

Is there a path to healthier aging? What the latest research shows | Bodyworks – The Oklahoman

August 8, 2025
MBU showcases student work at Occupational Therapy Technology Fair – WHSV

Discover the Most Innovative Student Projects at the Occupational Therapy Technology Fair

August 8, 2025
Official | Evann Guessand completes €35m Aston Villa move – Yahoo Sports

Official | Evann Guessand completes €35m Aston Villa move – Yahoo Sports

August 8, 2025
Trailer: Netflix Animation Welcomes Viewers to the Whimsical World of Dr. Seuss! – Animation Magazine

Trailer Unveils the Whimsical World of Dr. Seuss in Netflix Animation!

August 8, 2025
Spending on AI data centers is so massive that it’s taken a bigger chunk of GDP growth than shopping—and it could crash the American economy – Fortune

Spending on AI data centers is so massive that it’s taken a bigger chunk of GDP growth than shopping—and it could crash the American economy – Fortune

August 8, 2025
SPC Health Programs Showcase: Featuring Nursing, Radiography, and Surgical Services Degrees – St. Petersburg College

Explore Exciting Career Paths in Nursing, Radiography, and Surgical Services at SPC Health Programs Showcase

August 8, 2025
Top Trump officials discussed Epstein at White House meeting Wednesday night – CNN

Top Trump officials discussed Epstein at White House meeting Wednesday night – CNN

August 8, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (760)
  • Economy (783)
  • Entertainment (21,659)
  • General (16,347)
  • Health (9,822)
  • Lifestyle (793)
  • News (22,149)
  • People (784)
  • Politics (792)
  • Science (15,996)
  • Sports (21,280)
  • Technology (15,763)
  • World (765)

Recent News

Icing‐related injuries in polar bears (Ursus maritimus) at high latitudes – Laidre – 2024 – Ecology – ESA Journals

Frozen Peril: The Devastating Impact of Icing Injuries on Polar Bears in the High Arctic

August 8, 2025
Carnegie Science Center launching new name in September – CBS News

Carnegie Science Center Unveils Exciting New Name This September

August 8, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version